Thread: News Article: MSG gets 10 year permit
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07-31-2013, 03:54 PM
  #155
dstoffa
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Quote:
Originally Posted by Doakes View Post
So as I understand it, the Dolans were willing to build a new MSG at the Farley Post Office building but that was very complicated and required
A. Farley Post Office to be destroyed
B. A new train station (Monayahan) to be built under the new MSG to supplement or replace Penn Station?

True?


Then:

2) The economy dove, making the Monayahan Station project put on life support, the Dolans rightfully could not wait on a likely dead project so they went ahead and renovated?

Is this basically it?

3) Now, having renovated, this vote just means the lease will be up for renewal in 10 years...it does not mean they will be forced to move and hence this is overreaction?
Garden V was to be located west of the existing Farley building, which is landmarked. The intention was to put Amtrak ops into Farley, and reconfigure the existing Penn spaces for NJT and LIRR. THey'd need to build new platforms and access in Farley to make this happen. Commuters would use existing Penn. Long distance travelers (Amtrak) would use Farley.

The PRR sold the air rights and everything about street level to MSG Corporation in the late 50's. Everything you see on the street bound by 7th Av, 31st St, 8th Av, and 33rd St is private property. There is no lease to re-new.

See below for 10-year permit issues.


Quote:
Originally Posted by Brooklyn Ranger View Post
The new MSG building was supposed to be built in back of the Post Office. There was never any discussion about destroying the building.
Yes.

Quote:
Originally Posted by Tawnos View Post
A few things.

MSG backed out of the Post Office project because the city wasn't willing to transfer their tax breaks to the new location.
The deal between the City and Gulf-Western / Paramount back in 1982 was that the city would subsidize the Garden's Con Ed bill and reduce their property taxes as long as the Knicks and Rangers played their home games in the current Garden.

When I first read about MSG V, I said to myself, "They'll never move. The breaks they get from the city will never be made up by new / additional *suite* revenue.

Quote:
I don't think the Post Office building was going to be destroyed.
Correct. It was going to be remodeled to be a train station. The USPS no longer uses the majority of the building.

Quote:
And finally, Dolan owns MSG. There is no lease to be negotiated. What we're talking about is a permit that allows them to run the venue at that location.

Not granting a new permit wouldn't be the end of the process. It's private property. There's all sorts of eminent domain/Bill of Rights issues that would have to be sorted out, likely involving the city paying Dolan fair market value for the property and doing the legwork in finding a spot for relocation of the Garden. What do you guys think fair market will be on that property in 10 years? $5B? $10B? And beyond all that, getting rid of MSG doesn't do a whole lot to fix the Penn Station issue.
Yes. Not renewing the permit would be the beginning of many many lawsuits.

Forget about the value of the Garden property... Just think about what the City is going to have to pay to relocate the Garden in a comparable area! Two whole city blocks. Near a train station. Near subways. Not only do they need to buy those blocks, they'll need to prepare the site for a new Garden.

And as the poster I am quoting has written, it solves NOTHING with regards to Penn Station's capacity. I've written before it will get pretty ugly if / when they decide to expand Penn by adding tracks, platforms, and tunnels under the rivers in order to move more people.

Cheers!
-Doug

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